 "Adani Group to acquire minority stake in Quint Digital arm; stock zooms 20%")
Shares of Quint Digital Media were locked at 20 per cent upper circuit at Rs 483.40 on the BSE in Wednesday's trade after the company announced that Adani Group will acquire a minority stake in Quintillion Business Media Private Limited (QBM), an indirect subsidiary of Quint Digital.
"The proposed transaction with the Adani Group is only for QBM which is a digital business news platform and not in relation to other digital media/ media tech properties owned by Quint Digital viz. The Quint, Quintype Technologies, thenewsminute and Youthkiawaaz," said Quint Digital in a stock exchange filing without quantifying the stake Adani was taking. READ HERE
The closure of the transaction with the Adani Group is subject inter-alia to customary due diligence and definitive documents, the company said.
Quint Digital is one of India's leading digital media companies and only new-age digital- first news operator listed on an Indian stock exchange. Quint Digital operates 'The Quint' platform.
Quint Digital owns controlling stake in QBM and Quintype Technologies India Private Limited, a media tech company. Quint Digital also owns minority stakes in www.thenewsminute.com and www.youthkiawaazcom.
Currently, the stock of Quint Digital Media is classified in the X category on the BSE. X group consists of all those stocks which are only listed on BSE.
Meanwhile, in a separate exchange filing, Bloomberg Media and Quintillion Media, part of Quint Digital Media, on Tuesday announced the restructuring of their partnership in India. The companies have ended their equity joint venture in favor of a new content license agreement.
"The proposed transaction with the Adani Group is only for QBM which is a digital business news platform and not in relation to other digital media/ media tech properties owned by Quint Digital viz. The Quint, Quintype Technologies, thenewsminute and Youthkiawaaz," said Quint Digital in a stock exchange filing without quantifying the stake Adani was taking. READ HERE
The closure of the transaction with the Adani Group is subject inter-alia to customary due diligence and definitive documents, the company said.
Quint Digital is one of India's leading digital media companies and only new-age digital- first news operator listed on an Indian stock exchange. Quint Digital operates 'The Quint' platform.
Quint Digital owns controlling stake in QBM and Quintype Technologies India Private Limited, a media tech company. Quint Digital also owns minority stakes in www.thenewsminute.com and www.youthkiawaazcom.
Currently, the stock of Quint Digital Media is classified in the X category on the BSE. X group consists of all those stocks which are only listed on BSE.
Meanwhile, in a separate exchange filing, Bloomberg Media and Quintillion Media, part of Quint Digital Media, on Tuesday announced the restructuring of their partnership in India. The companies have ended their equity joint venture in favor of a new content license agreement.
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